A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.

July 03, 2007

Note to anyone trying to sell a home in Broward County - cut the damn price. Now. Deep. Fast. Now. It's only gonna get worse.

Seven years. Wow.

Broward County had by far its worst May since the Florida Association of Realtors started keeping track in 1994. There were 574 sales of existing homes compared with 862 a year ago, a 33 percent slide.

The median price, up slightly in February, March and April, fell by $12,100, to $367,700 from $379,800 a year ago.

At the end of May, Broward had more than 47,500 homes and condominiums on the market, according to the Miami-based Keyes Co. That's up 27 percent from a year ago. At the current sales pace, it would take about seven years to sell all those properties.

Imagine some happy day in the future when all of the South Florida Condos and homes sell. Imagine--what will that place be like with 6 million people? What would be the appeal of the place (already questionable)? They win they loose, they loose either way.

I lived in South Florida in the 90's for 4 years. Home prices were reasonably priced back then. It was always a given that home prices were relatively low in South Florida because the job market and salaries are poor compared to other parts of the country. I am very glad I no longer live there.

Doesn't look like much of a crash to me. Although realtors here are crying doom-n-gloom, there are still a ton of homes being sold each week. Should I be happy (I live in what seems like a stable area) or sad (I'm renting but want to buy).

Doesn't look like much of a crash to me. Although realtors here are crying doom-n-gloom, there are still a ton of homes being sold each week. Should I be happy (I live in what seems like a stable area) or sad (I'm renting but want to buy).

I think squatters should be allowed to take over any house that has been a REO for over 12 months as a primary residence. They must be able to prove that it is their primary residence. If they are found to own another home already, they will be charged with a felony. This would solve the problem of neighborhoods going to hell and also help keep property values from plunging due to vandalism. That should also give Bush's American Dream homeownership program a boost.

You said: Doesn't look like much of a crash to me. Although realtors here are crying doom-n-gloom, there are still a ton of homes being sold each week. Should I be happy (I live in what seems like a stable area) or sad (I'm renting but want to buy).

Columbus, Ohio has ELEVEN of the top foreclosure zip codes in the United States. Lots and LOTS of auction notices.

Armed with that knowledge are you still willing to say, "doesn't look like much of a crash to me." Don't forget, REO sold homes and auction sales are ALSO considered home sales.

"Well this might be an abnormally low number for June but what about the winter coming up?

sequoia512 "

My point is that after prices have dropped some (who knows how much, its obviously a controversial topic) the number of buyers will go back up. So you could easily have 4 time as many buyers a year or two years from now, at which point a 7 year supply will become a 1-2 year supply.

Getting my info about New Albany from realtors who specialize in that part of Columbus. Just heard yesterday that there are 500+ layoffs coming from The Limited anytime now. Being that MANY New Albany residents, especially the grossly overpaid folks living in the NA Country Club, work (or are about to become former employees) for the The Limited, it's about to get much worse as far as housing goes. I believe that NA is overpriced by about 20%. Some homes listed for sale have been sitting for a LONG time, others get sold pretty quick at or near asking price. Who the idiots are who are buying homes in NA right now, I don't know. But New Albany, OH is a fantasyland: I'd guesstimate that at least half the people living there truly can't afford to, based on the number of current foreclosures, bankruptcies, divorces, Hummers (no mountains here!), taxes, etc.

Can anyone tell me WHY SALES IN ARIZONA ARE MUCH HIGHER THAN IN FLORIDA????

WHY ISN'T AZ SEEING THE SAME BUILD UP LIKE FLORIDA????

Thanks.

July 03, 2007 6:48 AM

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Because people are actually moving to Arizona. No HURRICANES. It may be hot here, but at least you know that your house will still be here after the hurricane season.....and we don't have to stock pile generators and board our windows when it gets hot.....oh yea, and the humidity is not so high here that you break a sweat breathing....Oh, and I don't look out in my pool to find an ALLIGATOR!